GIPF increases pension benefits by 3%

PHILLEPUS UUSIKU

The Government Institutions Pension Fund (GIPF) announced a 3% pension benefit increase, effective 01 April 2021 for all GIPF pensioners.

In the current volatile economic outlook, the Fund continues to provide guaranteed benefits to members. A pension increase serves to cushion pensioners from unexpected changes in their purchasing power and hence the incessant ability to increase members’ benefits annually is driven by the Fund’s collective commitment to guard and grow members’ financial security.

“In awarding a pension increase, the Fund had to strike a delicate balance by considering the volatile investment returns due to the Covid-19 pandemic.

In addition, there was also a need to manage the pensioners expectations with regards to pension increases and to ensure that they are still able to live a decent lifestyle above inflation.

The Fund is happy that even during what would be termed as a difficult time, it is still able to provide pension increases above inflation”, said David Nuyoma, GIPF chief executive officer (CEO).